2009 apimec presentation
TRANSCRIPT
APIMEC 2009
Villa Flora – Economic Segment
2
D Disclaimer
This material is a presentation of general background information about Rossi Residencial S.A. (“Rossi”) as of the date of this presentation. Information contained herein has beensummarized and does not purport to be complete. This presentation shall not be considered an advice of investment by potential investors. This presentation is strictly confidentialand may not be disclosed to any third person. There are no representations or warranties, express or implied, regarding the accuracy, fairness, or completeness of the informationpresented herein, which shall not support any decision of investment.
This presentation contains statements and information that are forward-looking pursuant section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securitiesand Exchange Act of 1934. Such forward-looking statements and information are only predictions and cannot assure Rossi’s future performance. Investors have been cautionedthat any such forward-looking statements and information are subject to many risks and uncertainties relating to the operations and business of Rossi and its subsidiaries. As aresult of such risks and uncertainties, the actual results of Rossi and its subsidiaries may be materially different from any future result expressed or implied in the forward-lookingstatement or information contained herein.
Although Rossi believes that the expectations and assumptions reflected in the forward-looking statements and information are reasonable and have been based on data currentlyavailable to its officers and directors, Rossi cannot guarantee future results or events. Rossi does not assume the commitment of update any of the forward-looking statement ofinformation.
Securities may not be offered or sold in the United States unlesss they are registered or exempt from registration under the Securities Act of 1933, as amended. Any offering ofsecurities to be made in the United States will be made by means of an offering memorandum that may be obtained from the underwriters. Such offering memorandum willcontain, or incorporate by reference, detailed information about Rossi and its subsidiaries, their business and financial results, as well as its financial statements.
This material is for distribution only to person who (i) have professional experience in matters relating to investments falling within Article 19 (5) of the Financial Services andMarkets Act of 2000 (Financial Promotion) Order 2005 (as amended, the “Financial Promotion Order”), (ii) are persons falling within Article 49 (2) (a) to (d) (“high net worthcompanies, unincorporated associations etc”) of the Financial Promotion Order, (iii) are outside the United Kingdom, or (iv) are persons to whom an invitation or inducement toengage in investment activity (within the meaning of section 21 of the Financial Services and Markets Act 2000) in connection with the issue or sale of any securities may otherwiselawfully be communicated or caused to be communicated (all such persons together being referred to as “relevant persons”). This material is directed only at relevant persons andmust not be acted on or relied on by persons who are not relevant persons. Any investment or investment activity to which this material relates is available only to relevant personsand will be engaged in only with relevant persons.
This presentation does not constitute an offer, invitation or solicitation of an offer to subscribe to or purchase any securities. Neither this presentation noranything contained herein shall form the basis of any contract or commitment whatsoever.
Disclaimer
3
Agenda
Overview of Rossi
Opportunities moving forward
Competitive advantages
Operating and Financial Highlights
Corporate Governance
Liquidity / Share Performance
Overview of Rossi
Rossi Ideal
5
One of leading players in the real estate industry with over 30 years of experience
Income segment diversification with strong low income expertise
Strong geographical distribution, through regional offices strategically located
SAP technology implemented since 1999 enabling full control and support for growth
Proven track record using large scale construction technologies
Experienced and professionalized management team with sound industry knowledge
Rossi is uniquely positioned to capture growth opportunities driven by favorable macroeconomic conditions and government program “Minha Casa, Minha Vida”
Brief overview
Villa Flora Praças Residenciais Rossi Ideal High Income Seg.
6
Rossi Expertise and Competitive Advantages
History
1980 1992 1993 1996 1997 1999 2000/03 2006 2007 2008 2009
Founding of Rossi
Campinas regional office
IPO on Bovespa and ADR L1
Pioneer in securitization of real estate receivables
Launch of high-end products
Rio de Janeiro regional office
Acquisition of America Properties
Adhesion to Bovespa Level I
Creation of in-house sales team (Rossi Vendas)
Launch of Praças Residenciais (5,600 units under construction)
Launch of Rossi Ideal
FGV’s Corporate Excellence award
Primary public offering of 74,250 million shares
Launch ofPlano 100 (14,000 units delivered)
Launch of Vida Nova (6,000 units delivered)
Launch of Villa Flora (3,500 units delivered)
Porto Alegre regional office
Re-IPO Equity offering (R$1billion)
Migration to Bovespa “Novo Mercado” level
Belo Horizonte regional office
Shares included in Bovespa Index
Rossi adopts new brand identity
Prix D’Excellence award by Fiabci – best low income concept
We have delivered over 30,000 units in the low income segment
7
PSV (R$ million)
396
2,723
2005 2008
Sales (R$ million)
445
2,176
2005 2008
Units Launched
1,999
10,542
2005 2008
Main indicatorsComment
What has been done since last equity offering in 2006
Status
CAGR 2005 – 2008
- PSV: 90% (total growth 587%)
- Sales: 70% (total growth 389%)
- Units launched: 74% (total growth 427%)
Winner of FGV’s Corporate Excellence Award in 2009 (company that
stepped up the largest number of ranking positions among 500 largest
Brazilian companies )
Presence grew from 15 cities and 3 states to 63 cities and 15 states
6 regional offices strategically located
High quality and well diversified land bank
Management team fully professionalized
Independent Fiscal Council
Ranked # 1 in Corporate Governance among 500 best companies by
Isto É Dinheiro magazine in 2008
EBITDA margin grew 9.3 p.b. (from 2006 to 2Q09)
One of the lowest cash burns in the industry
Able to achieve excellent results with a very healthy and flexible
capital structure
High growth
Geographic and product
diversification
Corporate governance
Strong financial performance
P
P
P
P
Cities
15
60
2005 2008
Opportunities moving forward
Praças Residenciais
9
Favorable macroeconomic conditions
Interest rates (Selic average of period)
and inflation Consumer Confidence Index
Despite international crisis, macroeconomy in Brazil shows strong recovery trends
Source:Brazil Central Bank (GDP, IPCA), IBGE (Unemployment), Credit Suisse (Selic), FGV (Consumer Confidence) – Last update Nov/2009
9.8 10.09.3
7.98.7 8.6
2005 2006 2007 2008 2009E 2010E
GDP Growth (%) Unemployment (%)
90
95
100
105
110
115
120
125
Jul-07Oct-07 Jan-08Apr-08 Jul-08Oct-08 Jan-09Apr-09 Jul-09
111.4
Consumer confidence returns to pre-crisis level
111.7
3.24.0
5.75.1
5.0
0.2
2005 2006 2007 2008 2009E 2010E
19.115.3
12.0 12.4
8.710.5
5.7%
3.1%4.5%
5.9%4.2% 4.4%
2005 2006 2007 2008 2009E 2010E
Taxa de juros IPCA
10
Real Estate Financing Still a Considerably Small Portion of Brazilian GDP
Significant growth potential for Real Estate financing in Brazil
Source: Central Bank of Brazil, Caixa Econômica Federal, and Câmara Brasileira da Indústria da Construção
Total Real Estate Financing in Brazil (R$ billion) Total Real Estate Financing (% of GDP)
24.4 25.1 25.829.1
35.7
45.9
63.3
76.9
2002 2003 2004 2005 2006 2007 2008 Jul-09
(Last12 months)
United Kingdom
2.4%
13.0%
18.0%
32.2%
51.3%
58.6%
59.2%
83.1%
Brazil
Mexico
Chile
France
Germany
Spain
Portugal
11Note: 1 Considering 100% financing2 Subsidy calculated by monthly income of 3.5 minimum wages in São Paulo, Rio de Janeiro, Federal District and other metro regions3 Average installment calculated using the Constant Amortization System (decreasing installments)
Economic Segment : Sector’s outlook
Minha Casa, Minha Vida program - Potential demand growth in Brazil
Minha Casa Minha Vida program enables millions of families to purchase properties
2005Scenario
2009 ScenarioPrior to Package
2009 ScenarioPost Package1
Subsidy (R$) 0 0 22,1722
Interest Real Estate Credit (p.a.)
13% 8.16% 5%
Term (months) 120 240 300
Property value (R$) 80,000 80,000 80,000
Income commitment 35% 30% 30%
Required monthlyincome (R$)
4,500 3,030 1,450
Average monthlyinstallments3 (R$)
1,575 909 434
Population distribution by income
~30 millionfamilies
2005:R$ 4,500
Required monthlyIncome (minimum wages)
9.7 6.5 3.1
Required monthly income to purchase a property
2009:R$ 1,450
12
Public Offering of Shares
Conclusion of the public offering of shares
Market
47.9%
Controlling
Group
52.1%
Market
62.7%
Controlling
Group
37.3%
Before Offering After Offering
Total Shares: 192,186,388
Total Shares:266,436,388
Free float increased to 62.7%
Conclusion of the public offering of shares in October 2009, raising a total of R$ 928 million
13
Use of funds
-20%
-10%
0%
10%
20%
30%
40%
50%
1Q 2Q 3Q 4Q 5Q 6Q 7Q 8Q 9Q 10Q 11Q 12Q
CEF
CEF (“theoretical”)
Landbank acquisitionWorking Capital
necessity
Land acquisition and pre-launch incorporation
Launch Construction
PSV
Use of funds breakdown Landbank aquisition with short term maturity
Working Capital
Landbank Rossi
Landbank to be acquired
Short term Medium term Long term
Landbank
55%
Working
capital
45%
14Source: Company
Launches Guidance (PSV – R$ Billion)
2.0
3.1-3.5
4.2-4.6
2009 2010 2011
Launches Guidance for the Economic Segment
Launches Guidance (Units)
14,00019,000
21,000
6,000
17,500
14,000
25,000
38,500
2009 2010 2011
Revised
Economic Segment (prior)
15
Economic Segment – Units Launched
Units launched in the year
Launches Goal2009
Monthly Growth
Acumulated
Units aproved by CEF
Expected
0
3,000
6,000
9,000
12,000
15,000
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
Uniquely positioned to capture growth opportunities
Villa Flora
17
Exclusive model to identify target areas
New coverage area of each Regional Office
Source: Company
RS
SC
PR
SP
MG
GO
MT
AC
AM
RR
ROBA
PI
MAPA
AP
TO
CERN
PE
AL
SE
MS
RJ
ES
DF
PB
Selected cities110110
(Rossi’s exclusive attractive model)
Clusters
(geographical synergies)
Regional Offices
(similarities across regions)
88
3030
North
Northeast
Legend
Brasilia
Rio de Janeiro
São Paulo
Campinas
SP Interior
South
Centralized intelligence and decentralized operations
18
Standardized sales and marketing policy.
Rossi Ideal sales store.
Economic Segment: Operating Structure
Relationship with CEF.
Central management structure and distributed operation.
Project development: Villa Flora, Praças Residenciais and Rossi Ideal.
Projects approval.
Standardized process: cost reduction and higher speed.
Aluminum plaques for the production of the monolithic structure.
Operating Structure
NE
W S
TR
UC
TU
RE
Exclusive Projects and Production for the Economic
Segment
EngineeringRenato Diniz
Economic SegmentRodrigo Martins
Marketing and Sales FinancialDevelopment and
Projects
Pre-cast panel centralized production and distribution, serving several sites
Casting the panels Transportation of pre-cast panels Panel assembly
19Source: Company
Appropriate products for the Low Income Segment
Villa Flora
Units from 46 to 115 m²
Prices starting at R$ 78,000
100% financed
Installments starting at R$ 310*
Planned neighborhood
NGO working to foster and preserve
citizenship and community spirit
Praças Residenciais
Units from 50 to 82 m²
Prices starting at R$ 95,000
100% financed
Installments starting at R$ 450*
Community squares
Meticulous installation and
landscaping
Differentiated architectural project
Concern with sustainability
Rossi Ideal
Units from 42 to 63 m²
Prices starting at R$ 64,000
100% financed
Installments starting at R$ 222*
Standardized product line
Meticulous installation and
landscaping
Leisure options appropriate for low
condominium cost.
*Average installment calculated using the Constant Amortization System (decreasing installments).
Economic Segment Landbank - R$ 10.4 billion
Real Estate Market: Industry and Company OverviewProved Experience in the Low Income Segment
Villa Jardim Manaus - AM
1040 unitsPSV % Rossi: R$ 41 million
Launch of the Sales Central Rossi Ideal Vila Geribá – Espírito Santo
“Minha Casa, Minha Vida” Fair Villa Jardim - Manaus
Rossi Ideal Vila GeribáVitória – ES
403 unitsPSV % Rossi: R$ 36.5 million
Source: Company – 3Q09 Base20
21
Rossi Vendas
29%
19%24%
17%
11% São Paulo
Porto Alegre
Rio de Janeiro
Campinas
Vitória
Brokers specialized in Rossi’s products;
Trained team;
Commitment to the Company;
Information speed;
Marketing e commercial activities;
Low brokers turn-over.
Cities where Rossi Vendas operates
Rossi Vendas São Paulo, Porto Alegre, Rio de Janeiro, Campinas and Vitória.
Goals
Expand operations to Fortaleza, Goiânia, Brasília, Curitiba and Belo Horizonte
29%
71%
Rossi Vendas
Other brokers
Sales in cities with Rossi participation - 2009 # of brokers per city
Source: Company – 3Q09 Base
22
3Q09 Operating and Financial Highlights
Praças Residenciais – Economic Segment
2323
Operating Highlights
Launches Breakdown by Income Segment and State – Total PSV 9M09
+147%
801
+182%
143
377
873
18
77
250
1Q09 2Q09 3Q09
Partners
Rossi
161
454
1,123
29%
23%16%
6%
6%
5%
4%4%
2%2%
Rio Grande do Sul
São Paulo (metro region)
São Paulo (other cities)
Rio de Janeiro
Paraná
Amazonas
Minas Gerais
Goiás
Espírito Santo
Ceará
Bahia
44%
42%
6%
4%3%
Economic Segment
> R$ 500,000
R$ 200,000 to R$ 350,000
Commercial
R$ 350,000 to R$ 500,000
23
Record launches of R$1.1 billion (Rossi’s % - R$873 million) in 3Q09, divided into 18 projects with a total of 4,947 units.
Economic Segment
3,770 units launched in the quarter - 143% higher than in 3Q08 62% of the units launched in the quarter already sold
Launches
Source: Company – 3Q09 Base
Total PSV launched
242424
Operating Highlights
Sales Breakdown by Income Segment and State –Total PSV 9M09
342
506
664
283404
51759
102
147
1Q09 2Q09 3Q09
Partners
Rossi
+48%
+31%
37%
22%
15%
9%
3%
14% Economic Segment
> 500,000
R$ 200,000 to R$ 350,000
R$ 350,000 to R$ 500,000
Commercial
< R$ 200,000
26%
21%
14%
8%
6%
5%
4%
2%1%
9%
3%
São Paulo (metro region)São Paulo (other cities)Rio Grande do SulParanáRio de JaneiroMinas GeraisEspírito SantoBahiaGoiásAmazonasPernambucoCeará
24
Contracted sales R$ 664 million (Rossi’s % - R$ 517 million),
of which 68% were inventory sales.
Contracted Sales
Source: Company – 3Q09 Base
Total PSV Sold
96.0
145.6
232.5
360.5
3Q08 3Q09 9M08 9M09
354.6 430.6
914.01,096.3
3Q08 3Q09 9M08 9M09
25
Nossos Resultados em NúmerosFinancial Highlights
Net revenue reaches R$ 431 million, 21.4% higher than 3Q08
Gross Margin of 35.0% - 3.7 p.p. higher than 3Q08
Net Revenue (R$ million)
21%
20%
52%
55%
Adjusted Gross Income (R$ million) and adjusted Gross Margin
Net Revenue 3Q09 3Q08 9M09 9M08
Property sales and services 427 99.2% 320 90.3% 1,080 98.5% 825 90.3%
Monetary variation and interest 14 3.3% 48 13.4% 50 4.5% 121 13.2%
(-) sales taxes (11) -2.5% (13) -3.7% (34) -3.1% (32) -3.5%
Total 431 100.0% 355 100.0% 1,096 100.0% 914 100.0%
Cost o f property sold 3Q09 3Q08 9M09 9M08
Works + sites (271) 90.9% (211) 95.7% (686) 90.8% (561) 96.1%
Financial charges (27) 9.1% (9) 4.3% (70) 9.2% (23) 3.9%
Total (298) 100% (220) 100% (756) 100% (584) 100%
Adjusted gross income* 145 96 360 232
Adjusted gross margin* 35.0% 31.3% 34.4% 29.3%
* Excluding financial effects
31.3%
35.0%29.3%
34.4%
26
Nossos Resultados em Números
EBITDA margin of 24.5%, 7.5 p.p. increase (vs 3Q08)
Net income in the period of R$ 61.8 million, 73.7% growth (vs 3Q08)
Financial Highlights
Net Income (R$ million) and Net Margin (%)
35.661.8
102.3
141.5
3Q08 3Q09 9M08 9M09
74%
38%10.0%
14.3% 11.2%
12.9%
EBITDA (R$ million) and EBITDA Margin (%)
60.1105.4
153.4247.2
3Q08 3Q09 9M08 9M09
75%61%
16.9%
24.5%16.8%
22.5%
EBITDA 3Q09 3Q08 Var. 9M09 9M08 Var.
Net Income 62 36 74% 142 102 38%
(+/-) Financial Expenses (Revenues), Net 1 13 -90% (1) 20 -103%
(+) Provision for income tax and social contribution 8 (1) n.m. 19 2 787%
(+) Depreciation and amortization 7 3 132% 17 6 163%
(+) Interest 27 9 188% 70 23 209%
ADJUSTED EBITDA 105 60 75% 247 153 61%
ADJUSTED EBITDA Margin 24.5% 16.9% 7.5 p.p. 22.5% 16.8% 5.8 p.p.
Source: Company – 3Q09 Base
2727
Nossos Resultados em Números
Selling expenses (R$ million) Administrative expenses (R$ million)
More efficient at selling and administrative expenses
Financial Highlights
44
25 25
3T08 2T09 3T09
-43.2%
0.0% 29
23 24
3Q08 2Q09 3Q09
-20%4.3%
3Q08 2Q09 3Q09
Source: Company – 3Q09 Base
Operating expenses (R$ million) 3Q09 3Q08 Var. 9M09 9M08 Var.
Administrative 24 29 -17.2% 71 78 -8.8%
Selling 25 44 -43.5% 76 100 -24.1%
Administrative/Net Revenue 5.7% 8.1% -2.5p.p. 6.5% 8.6% -2.1p.p.
Selling/Net Revenue 5.7% 12.4% -6.6p.p. 7.0% 11.0% -4.0p.p.
Administrative/Launches 2.8% 5.6% -2.8p.p. 5.1% 5.3% -0.2p.p.
Selling/Launches 2.8% 8.5% -5.6p.p. 5.5% 6.8% -1.4p.p.
28
Cash Burn and Debt
0.4%
9.7
1,103.6
1,113.3
326.0
213.0
186.1
725.1
19.2
311.9
57.1
388.2
PRO FORMA Post Offering
Debt Sep/09 Jun/09 Var.
Debt – Short Term 388.2 211.6 83%
Loans – working capital 57.1 11.1 413%
Construction Financing 311.9 194.1 61%
Debentures 19.2 6.4 200%
Debt – Long Term 725.1 787.9 -8%
Loans – working capital 186.1 237.1 -22%
Construction Financing 213.0 200.2 6%
Debentures 326.0 350.6 -7%
Total Debt 1,113.3 999.5 11%
Total Cash Position 175.5 178.8 -2%
Net Debt 937.8 820.7 14%
Net Debt/ Shareholders’ Equity 67.9% 62.3%
119138
108 117
4Q08 1Q09 2Q09 3Q09
Cash Burn – Last 12 months
47%
31%
22% Construction Financing
Debentures
Loans - working
capital
Cash Burn stable and among the lowest in the industry
Source: Company – 3Q09 Base
Nossos Resultados em Números
Sales over Supply (SOS) - Rossi Share (R$ million) 4Q08 1Q09 2Q09 3Q09
Inicial Inventory 1,472 1,770 1,630 1,603
Launches 573 143 377 873
Initial inventory + Launches 2,045 1,913 2,007 2,476
Sales in the period 276 283 404 517
SOS in the period 13.5% 14.8% 20.1% 21.0%
Final inventory 1,770 1,630 1,603 1,959
Time to key delivery Ready< 6
months7 – 12 months
13 - 24 months
> 25 months
Total
Economic Segment 6.8 45.6 17.5 387.7 39.2 496.8
Until R$ 200,000 13.0 0 0.3 27.8 0 41.1
R$ 200,100 to R$ 350,000 20.8 61.0 40.9 135.5 22.4 280.7
R$ 350,100 to R$ 500,000 2.9 33.6 66.3 21.0 107.1 230.9
Above R$ 500,100 1.9 50.5 35.8 105.7 487.0 680.9
Commercial 0.9 6.3 6.6 36.1 178.8 228.8
Total 46.4 197.2 167.5 713.7 834.5 1,959.2
2% 10% 9% 36% 43%
Only 2% of ready units in inventories
SOS and Inventory
29Source: Company – 3Q09 Base
Expertise Rossi e Diferenciais Competitivos
Landbank diversified by region and product
48% of Landbank focused on the Economic Segment
Landbank 3Q09 (R$ million) - PSV by State and Income Segment
EstadoEconomicSegment
< R$ 200,000
R$200,001 to R$ 350,000
R$350,001 to R$ 500,000 > R$ 500,000 Commercial Lots Total %
Amazonas 371 74 - - - - 445 2%
Bahia - - 879 467 - - - 1,347 6%
Ceará 371 - - 104 - - - 476 2%
Federal District 914 211 - - 367 534 - 2,027 9%
Espírito Santo 662 - - - - 117 - 779 4%
Goiás 1,375 - - - - - - 1,375 6%
Mato Grosso do Sul 53 - - - - - - 53 0%
Minas Gerais 1,775 92 138 - - - - 2,006 9%
Paraná 101 - 112 - - - - 213 1%
Rio de Janeiro 660 - 325 992 88 - - 2,065 9%
Rio Grande do Norte 155 - - - - 82 - 237 1%
Rio Grande do Sul 1,992 - 586 - 778 - - 3,356 15%
São Paulo(other cities)
1,626 188 1,189 455 671 49 423 4,601 21%
São Paulo (metro region)
378 - 192 972 1,089 30 140 2,801 13%
T O T A L 10,435 566 3,421 2,991 2,994 812 563 21,781 100%
Distribution 48% 3% 16% 14% 14% 4% 3% 100%
Landbank
30Source: Company – 3Q09 Base
31
SAP Technology fully implemented
Automated and integrated processes nationwide since 1999
Full control and support for execution
Cost control page
Source: Company
Hyperion – Simulate scenarios based on SAP data
Monitor Stand Sales throughout the country
Control timeframe of materials
32
CorporateGovernance
Residencial Vertical
33
+
+
+
Board of Directors (family and independent members)
Responsible for setting strategy guidelines
Meets once a month or when necessary
Independent Fiscal Council
Ensures fiscal integrity
Meets every 3 months
Professional management team
Implements strategy guidelines set by Board of Directors
Key executives with sound industry knowledge
Stock option plan (3% of authorized paid-in capital)
Restricted shares (1% of authorized paid-in capital)
Profit sharing plan for all employees (Up to 8% of net income)
Compensation structure
Experienced Management
Strategy
Discipline
Execution
Alignment
Source: Company
34
Liquidity
Share PerformanceRossi
35
Liquidity
¹) Source: Bloomberg 11/10/2009 – average last 30 days
Increase in liquidity – from 6th to 3rd largest in Latin America real estate industry (¹)
Rossi is included in MSCI (Morgan Stanley Capital International), benchmark for emerging markets,“MSCI review its portfolio in Aug/09, and raised the number of Brazilian companies in its portfolio, in order to incorporate the rallies seen in the biggest emerging markets worldwide”
Source: Economática
-
10,000
20,000
30,000
40,000
50,000
60,000
70,000
80,000
Jul Aug Sep Oct Nov Dec
Average Traded Volume (R$ million) Market Value (R$ billion)
-
500
1,000
1,500
2,000
2,500
3,000
3,500
4,000
4,500
Jan Mar May Jul Sep Nov
Share Performance in 2009
350
400
250
300
150
200
50
100
2-Jan-0
9
26-Jan-0
9
19-Feb-0
9
15-Mar
-09
8-Apr-
09
2-May
-09
26-May
-09
19-Jun-0
9
13-Jul-0
9
6-Aug-0
930-A
ug-09
23-Sep
-09
17-Oct
-09
10-Nov-
09
RSID3 IBOV IMOB
36Source: Bloomberg
37
Institution Analyst Contact
BB Investimentos Antonio Emilio Ruiz [email protected]
Banco Fator Eduardo Silveira [email protected]
BarclaysGuilherme VilazanteEdoardo Biancheri
[email protected]@barcap.com
Citigroup Cecília del Castillo [email protected]
Credit SuisseMarcelo TellesPedro Barbosa
[email protected]@credit-suisse.com
Goldman SachsJason B. Mollin
Leonardo Zambolí[email protected]
ItaúDavid LawantCecília Viriato
[email protected]@itau.com.br
JP MorganAdrian HuertaMarcelo Motta
[email protected]@jpmorgan.com
Merrill Lynch Carlos Peryrelongue [email protected]
SantanderMarcello MilmanFabiola Gama
[email protected]@santander.com.br
UBS Gordon Lee [email protected]
BTG Pactual Rodrigo Monteiro [email protected]
Analyst Coverage
38
ROSSI RESIDENCIAL S.A.